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Douglas_Knight comments on Some reservations about Singer's child-in-the-pond argument - Less Wrong
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40 years ago, when Singer first made this argument, shoes were more expensive. Also, his shoes, today, are more expensive than your shoes, today. But he didn't look into actual numbers until quite recently.
I guess that more than that, saving children was cheaper, because all the low-hanging fruit has been collected. (ISTR reading something about that in a comment on Slate Star Codex or Overcoming Bias sometime in the last few months, but I can't seem to find it now.)